The Ultimate Estate Sales Quiz

Regardless of the circumstances, disposing of a lifetime's worth of possessions is an enormous task. Whether the reason for the estate sale is death, bankruptcy, divorce or moving to a distant location, hiring an estate sale company may be a good idea. Working with a professional may take the effort out of this ordeal and make you more money. Take this quiz and see how much you know about estate sales.

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Question 1 of 20

What is another name for an estate sale?

tag sale

Tag sale is another name for estate sale.

garage sale

used furniture sale

Question 2 of 20

How are estate sales different from garage sales?

Garage sales are for worthless items.

Estate sales are to liquidate an entire home.

Estate sales are usually managed by a professional company, and the entire contents of the home are up for sale.

Garage sales are for baby items.

Question 3 of 20

What is the fee to use a company?

10 to 15 percent

20 to 25 percent

25 to 35 percent

The fee is usually 25 to 35 percent of the total sales.

Question 4 of 20

How can you locate an estate sale?

newspaper advertisements

neighborhood signs

both answers

Estate sales are usually advertised. Look for ads in newspapers, online and neighborhood signs.

Question 5 of 20

How does an estate sales professional show precious jewels?

The jewels will be shown by request only.

The jewels will be securely displayed.

Jewelry and other small valuables may be displayed in a secure fashion.

Jewels are not sold at estate sales.

Question 6 of 20

What is a liquidation sale?

A liquidation is sale to raise cash for debt payments.

Liquidation sales are estate sales held to pay off debt.

A liquidation sale is to move inventory.

A liquidation sale is for low end items.

Question 7 of 20

Why should you hire a professional?

Organizing an estate sale is a huge task.

Professionals may save you time and money.

both answers

Organizing the sale of an entire home's contents may be an overwhelming task. Just a few of the necessary tasks are taking inventory, selecting items to keep and pricing.

Question 8 of 20

What should I require from an estate sale company?

licensed

bonded

both answers

To protect yourself make sure the professional you hire is licensed and bonded.

Question 9 of 20

What does bonded mean?

insurance

A bond is a type of insurance. The insurer guarantees that the estate sale company will honor all the contracts and agreements.

cleared by police

licensed

Question 10 of 20

Other than a death, why might someone hold an estate sale?

bankruptcy

far away move

both answers

Divorce, bankruptcy or a far away move are all reasons for estate sales. In the case of a far away move, sometimes the moving costs exceed the worth of the valuables, so owners choose to have an estate sale.

Question 11 of 20

Who may attend an estate sale?

open to the public

Usually an estate sale is open to the public.

by invitation only

must qualify first

Question 12 of 20

How will you know the price of an item?

Items will be marked.

Normally the item has a price tag.

A price list will be available.

You may ask the person in charge.

Question 13 of 20

Is it an acceptable practice to offer a lower price for an item?

only for items under $100

acceptable

You may try to bargain for a lower price.

silent auction bids only

Question 14 of 20

Do estate sales offer high end items?

jewelry only

no high end items

everything and anything

Estate sales may have everything and anything. High end items such as cars, boats or jewelry may be found at an estate auction.

Question 15 of 20

What is a silent auction?

auction without sound

written bidding

To participative in a silent auction, you submit a written bid and the highest bidder buys the item.

jewelry auction

Question 16 of 20

What is an appraisal company?

insurance company

experts at valuing items

Appraisal companies are experts at valuing the worth of an item. Some estate sale companies my also be known as appraisal companies.

licensing company

Question 17 of 20

How much does it cost to meet with an estate sales company and a professional look at the items you have to sell?

$0

The first meeting should not cost any money.

$200

$400

Question 18 of 20

If I hire a company that charges a lower commission, why does this not guarantee I will make more money?

The lower commission company may spend less on advertising the sale.

The lower commission company may have less experience with presenting the sale.

both answers

Paying a lower commission does not guarantee that you will make more money. Ask questions about the advertising and presentation plans of both companies and consider this information when making a selection.

Question 19 of 20

What should you do with the leftover items?

Donate to charity.

Donating items to charity is an option for any leftover items. If you donate, take advantage of the charitable deduction on your income taxes.

Store for next sale.

Throw away.

Question 20 of 20

Who cleans up after the estate sale?

the estate sale company

If you have hired a company, leaving the home clean and orderly is their responsibility.